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New Delhi-based fintech startup BankSathi Technologies has raised $200K in series seed round funding from a group of Angel Investors.
The round saw participation from Dinesh Godara (Founder TREAD, Ex-Unacademy), Rajendra Lora (Founder Freshokartz), Anuj Ahuja & Aditya Talwar, Founders, Studybase, and others.
Founded in January 2020 by Jitendra Dhaka, Sandeep Choudhary & Ex-Banker Himanshu Pujari, a Delhi-based startup plans to use these funds for product development, team building, and executing marketing and growth plan.
Speaking on the announcement, Jitendra Dhaka, Founder & CEO at Banksathi Technologies said, “The seed funds raised will be utilized on product development, team building, and executing marketing and growth plan. We currently have 5000+ Advisors across 700 PIN codes of India; with a total Advisor Income of 75 Lacs earned till now, we have 45 products of 15 Financial Institute in our Bucket to sell, we are targeting 1 Million Advisors, and 150 products of 50+ FIs ready to distribute through BankSathi App by the end of this financial year. And in the next three years, the plan is to create 5 Million Advisors; and 500 products of 100 are available on our platform. We would be raising another round of investment by the middle of this year to achieve our set goals.”
Commenting on the investment, Dinesh Godara, Founder TREAD (Ex-Unacademy) said, “We liked the idea as this is solving a huge mess in the distribution of retail financial products, also there is a market which is not yet tapped properly; and India is in the process of witnessing a huge shift in Fintech space, as the major, reselling of products is going to be smart-phone driven; which is majorly going to be through social commerce. We believe that Banksathi will aim to leverage out of it by helping Financial Advisors learn the different aspects of financial products, and by empowering Financial Advisors to recommend and sell Financial products with ease.”
Sharing insights about the product, Jitendra Dhaka said, “India has a huge variety of customers due to several income classes & a huge population; this is the only reason even after 74 years of Independence, thousands of financial institutions, Millions of FI branches; India still has a penetration of 4% Insurance. Most Indians believe in taking advice from experts around them, this is the reason 75% of retail Financial products are sold in India through Authorized Advisors/Agents, India has 2 Million active advisors in the Insurance Industry and 50% of Retail Assets in India is sold through DSA and Connectors, which are again in Millions.”
Further adding to the statement Himanshu Pujari, Co-founder at Banksathi Technologies, “This brings an urgent requirement of a Technology-based solution that can help these Financial Advisors earn more via a trustable and easy to use platform.”